How can I buy a home with no deposit?

hi, i have a problem i am planning to sell my home and buy another one in a closer area to my job. I have no money to deposit for the other home when i put the offer, i will have the money by the closing date because i'va sold my home at that time! any suggestions about how can i make it happen without being in trouble?How can I buy a home with no deposit?
you dont need a deposit for a purchase offer. you can use a promissary note saying you will pay it by closing. an agent can help with the promissary note.How can I buy a home with no deposit?
If you are using a real estate agent, talk to them and explain your circumstance. They may be able to work out a deal with the seller for you.
that is an easy one when the Realtor writes up the contract for both parties he will include the part that your down payment will come out of the proceeds of the house you are selling. worse case you might be required to put down a token Earnest payment.
You must have something for deposit for the offer to be legally valid. However, the deposit doesn't have to be a huge amount. It is possible to offer $1.00 as a deposit. It is even possible, to offer the promise of a deposit (basically an IOU).



The trouble with that is that the bigger the deposit, the better the seller feels about you being a serious buyer. There are a lot of yahoos who have been to those ';Buy With Nothing Down'; seminars who use $1 deposits or IOU deposits and have no real ability to buy a property.



SO just put down with you can, $500 if you can, $100, %40, even $1. Explain the situation with the seller or real estate agent. Most places it is a buyers market, so many sellers probably will take it.



Good luck
Talk to your realtor and they can explain how this works.
No trouble anyway! The idea is to convince the sellers of the new property that you are really sincere about buying their house. So what you can do is talk to your lender about the situation and talk to the REALTOR. They will write the offer based upon (contingent on) the closing of your house. It isn't as strong an offer because something could go wrong with the closing on yours. The closer to closing that you are the better it will look to the new seller as you can imagine. Ask for a letter from your buyers bank that says that they are pre-qualified and if you can, get it to say ';qualified to buy'; your house. This can go to the lender for you on your new house and they can ';take that to the bank';. If they push for a ';downpayment'; now, consider using ';something of value';, we used this quite successfully on one property in the past. My husband had a Rolex and we gave it to the REALTOR (or it could be the title company) to hold in Escrow (they sign a receipt for it!) It could be the title to your car or jewelry anything of value. You will be ok if the market is better for buyers than the seller in your area because then the new seller will appreciate getting any offer on their property, see? The lender may also want to see your contract with your buyer and a closing statement or net sheet. Your REALTOR can help with that! This assures them that there is enough equity to satisfy the down payment and the closing costs so that they can go forward. If you haven't secured the financing on the next home you may want to speak with your current lender as they have history with you and your payments. As a past customer and potential future one ask for the very best rate you can get and lock it. If you are buying now we probably won't see too much of a drop until right before the election next year. They save up that little trick to make whatever party is in the White House look better right before the election every time. oops too political today! but, you get the idea? For anything tht has to be done ask for it to come out of the funds of the transaction and put that job in the hands of the REALTOR, this is a normal request for them, they should be easily able to make that happen for you. Good luck!
Your realtor can work with sellers that may not require a deposit. deposits on contract are like a hand shake was in the old days. Putting money where your mouth is so to speak is why a deposit is made. If you walk away you have something to lose. Your realtor will help you, dont worry.

Hope this helps and good luck to you!